It's enough to make Ol' Blue Eyes shed a tear.
There was a time when Frank Sinatra ruled the entertainment industry. Singer, movie star, the kid from Hoboken had it all.
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Back in 1957, the Chairman of the Board took charge of the Rat Pack, a clique of hard-partying entertainers that included Dean Martin, Sammy Davis Jr., Joey Bishop, and Peter Lawford, among others.
For eight years, Sinatra hung his fedora at a midcentury-modern home in Chatsworth, a suburban neighborhood in Los Angeles. He lived there free of charge, thanks to the home’s first owner, Chase Bank heiress and New York socialite Dora Hutchinson, and entertained his Rat Packing pals, according to the New York Post.
Hollywood lore says that Marilyn Monroe and John F. Kennedy used the guesthouse for their affair and the swimming pool was allegedly the location of one of Monroe's last photo shoots before her death.
Just imagine if the walls in that place could talk — they'd probably have enough stories to fill a dozen tell-all books.
By the way, Lucille Ball also lived at the residence gratis after America's favorite redhead and her husband Desi Arnaz went Splitsville.
But there's more to the place's history than Frank, Lucy and JFK.
Location shooting
More than 500 film and TV production companies have rented the property for hits like “Mad Men,” “Californication,” “Dreamgirls,” “Transformers” and “Bewitched,” according to the New York Post.
Hermès once wrapped the home in red for a party and Miley Cyrus filmed her “Flowers” video there, while Usher shot “Burn.”
The four-bedroom, 6½-bath home is 6,661 square feet and sits on just over 4 acres overlooking the Chatsworth Nature Preserve with views of the mountain ranges and city skylines.
Known as Farralone — because it was “far away” and “alone” — the home was built between 1949 and 1951. It comes with details that were unusual for the time, like 16-foot-high ceilings and moveable glass walls, the Post said.
The building, also known as Byrdview, was designed by architect William Pereira, whose work includes the Transamerica Pyramid building in San Francisco, the CBS TV studios in LA, the Kennedy Center in Washington, Los Angeles International Airport and the LA County Museum of Art.
Pereira, who also received an Oscar for set design in 1942 for his work on “Reap the Wild Wind," built the place with a young Frank Gehry working as his apprentice, said Michael Bolla, an international property consultant with Sotheby’s Dubai, whom the sellers have hired to help restructure their global real estate portfolio.
You'd think with all that history, people would be scrambling to buy the residence.
Well, not exactly.
Despite the Sinatra connection, Farralone is still far away and alone. The tables are empty, the dance floor's deserted, and nobody's buying. Now you're really singing the blues.
Challenges selling celebrity home
"Real estate markets fluctuate due to economic conditions, interest rates, and local demand," said Erik Brown, a Beverly Hills real estate agent. "In this high interest rate environment, there are less buyers. Sellers may adjust prices to attract potential buyers."
When Sinatra died in 1998, the house went to a new owner and president of local real estate firm Rock Asset Management for $1.54 million.
The place was listed for $12.5 million in 2018 but was later taken off the market and, in August 2021, put back on with a $21.5-million price tag
The house was relisted for $12.75 million last year and Barrons reported at the time that 7-plus acres of land that were in the earlier listing were being offered separately.
Nevertheless, now the price has been whittled down to $8.99 million.
Brown said that selling celebrity homes can present unique challenges.
These homes are often associated with luxury and exclusivity, and, as a result, there may be a tendency to overprice the property in the belief that its celebrity connection adds significant value. However, he added, this can deter potential buyers.
"Some buyers may be hesitant to purchase a celebrity home due to concerns about the property's history, whether it be related to privacy breaches, paparazzi attention, or other incidents associated with the previous owner," he said.
In addition, Brown said that celebrity homes are often large and luxurious, resulting in higher maintenance costs. Prospective buyers may be deterred by the potential ongoing expenses associated with maintaining such properties.
So, set 'em up, Joe, and make it one for my, baby, and one more for the road....
